Shirt Industry Price per shirt $7 short-run supply 600 demand Shirts per minute The graphs above show a long-run equilibrium because (1) the picking the quantity at which equals Representative Firm Cost or revenue 57 Yequals the (3) each firm makes MC ATC MR-price Shirts per minute (2) the typical fem maximizes economic profit because price equals
Shirt Industry Price per shirt $7 short-run supply 600 demand Shirts per minute The graphs above show a long-run equilibrium because (1) the picking the quantity at which equals Representative Firm Cost or revenue 57 Yequals the (3) each firm makes MC ATC MR-price Shirts per minute (2) the typical fem maximizes economic profit because price equals
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Shirt Industry
Price per shirt
$7
short-run supply
600 demand
Shirts per minute
The graphs above show a long-run equilibrium because (1) the
picking the quantity at which
equals
Representative Firm
Cost or revenue
$7
equals the
(3) each firm makes
MC
ATC
MR-price
6
Shirts per minute
(2) the typical firm maximizes
economic profit because price equals
by](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb1582b10-8790-47e6-a817-12e1e6359727%2F492a459a-c4ef-454c-9456-bc252f4df0ea%2Ft0kj0o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shirt Industry
Price per shirt
$7
short-run supply
600 demand
Shirts per minute
The graphs above show a long-run equilibrium because (1) the
picking the quantity at which
equals
Representative Firm
Cost or revenue
$7
equals the
(3) each firm makes
MC
ATC
MR-price
6
Shirts per minute
(2) the typical firm maximizes
economic profit because price equals
by
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